In a year-end scramble, charities worry about the impact of new tax law

Renata Sago Jan 2, 2018
HTML EMBED:
COPY
 Legislation and regulation books related to the GOP's planned tax overhaul are stacked and ready in the House Ways and Means Committee hearing room in Washington, D.C. Chip Somodevilla/Getty Images

In a year-end scramble, charities worry about the impact of new tax law

Renata Sago Jan 2, 2018
 Legislation and regulation books related to the GOP's planned tax overhaul are stacked and ready in the House Ways and Means Committee hearing room in Washington, D.C. Chip Somodevilla/Getty Images
HTML EMBED:
COPY

Charities across the country are running the numbers to see how much money they brought in from their scramble for year-end donations. Many Americans had less of an incentive to give under the new tax law, which doubled the standard deduction. That means folks had to make even bigger donations to qualify for tax write-offs.

Click the audio player above to hear the full story.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.